Richmond RCMP warns of romance investment scam that cost $16 million last year

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Richmond Mounties are warning the public after a “significant increase” in romance scams and investment schemes in the city, resulting in more than $16 million in losses last year.

Police say there were 87 reports of romance crimes in 2023, and the trend continues this year, with 12 more reported between January and March, with nearly $500,000 lost. .

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RCMP say these “long-term scams” involve grooming victims over weeks or months in order to build a relationship strong enough to convince them to invest their money. .

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Criminals typically find victims through dating sites and other social media, but police say they lure victims with promises of false profits and take advantage of their initial investment before they are financially ruined. They may even show false profits.

Richmond RCMP spokesperson Dennis Huang said in an interview Tuesday that scammers prey on people’s loneliness in order to build connections and gain trust.

“Sometimes people are selected at random, but other times we analyze specific profiles on dating sites to see if they are susceptible,” Huang said, adding that these scammers He added that he was “doing some homework” on potential victims.

“Money is never mentioned from the beginning. If the victim has a lot in common, it’s always important to build trust and build a trusting relationship,” he added.

He said scammers use a variety of tactics to befriend potential victims, such as saying, “I went to school in that area” or “I enjoyed that restaurant.”

As the victim gradually lowers their guard and becomes friendly during the conversation, the scammer eventually brings up the topic of investing.

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“A criminal might say, ‘Well, look at the money you’ve allowed me to invest. I’ve already given you this much return. Do you want that profit back, or do you want me to reinvest it?’ Do you?” said Mr. Huang.

Scams commonly involve cryptocurrencies, and police believe the actual number of victims may be even higher, as some people may be reluctant to come forward out of embarrassment or fear. .

Police said people should remain vigilant and especially suspicious of unsolicited contacts from strangers with “overly attractive” profiles or romantic indications.

“If someone is really interested in you, I don’t think they should bring it up,” Huang said, referring to romance scammers who send unflattering messages and ask for money.

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